Aberdeen Standard Investments launches Big Issue Invest’s Power Up programme to support social ventures across Scotland

Aberdeen Standard Investments has launched the Big Issue Invest’s Power Up programme, a lending scheme which will offer investment and support to early stage social ventures across Scotland.

Aberdeen Standard Investments, together with Ben Macpherson MSP, MSP for Edinburgh Northern & Leith, John Montague, managing director of Group Operations at The Big Issue and representatives from project partners, University of Edinburgh and legal partner, Brodies LLP, marked the launch of the £750,000 programme by visiting one of its first applicants, Projekt 42, a not-for-profit gym & wellness centre, in Kirkgate, Leith.

The programme, pioneered by Big Issue Invest, is funded by partners, Aberdeen Standard Investments, University of Edinburgh and the Scottish Government and with legal support from Brodies LLP, is aimed at enabling up to 20 Scottish social ventures to access loan funding of up to £50k over the next two years.

The programme will make £750,000 available to lend over the period and is open to organisations across Scotland.

The funding available is to enable organisations to build on the good work they currently do within their communities, whether that is buying equipment, hiring new talent, or progressing with business development plans. Successful applicants will also receive mentoring and business development support to social ventures for the two year period.

The programme has been designed for early-stage social ventures, regardless of company structure - social enterprises, charities, and private enterprises are all welcome, with social value creation being the key criterion.

The expectation is that many applicants will be accessing finance for the first time. The scheme builds on Big Issue Invest’s significant expertise in social venture investment, which since its launch in 2005 has seen the organisation directly invest over £30 million in more than 300 social ventures.

Power Up was born from the Corporate Social Venturing (CSV) England programme, devised by Big Issue Invest. The programme was created to support, develop and increase the sustainability of early stage social ventures. Along with its predecessor SPARK, CSV England has invested £4 million in 56 ventures to date, with mentors and companies still actively involved in several of these businesses seven years later.

Mr Macpherson said: “I’m delighted that the SNP Scottish Government is playing a significant part in Big Issue Invest Scotland’s ‘Power Up’ initiative. I know this initiative is going to make a really meaningful and positive impact across so many communities in Scotland, including in Leith, and I’m very pleased to support it.

“I look forward to seeing the positive results in the coming years and thank Big Issue Invest Scotland and their partners Aberdeen Standard Investments, the University of Edinburgh and Brodies LLP for their support for the initiative too.”

Aberdeen Standard Investments Global Head of Fixed Income, Craig MacDonald, said: “We are excited to partner with Big Issue Invest to provide expert mentoring support to early stage social ventures across Scotland. My colleagues are looking forward to sharing their experience and knowledge to help make a positive impact and support the development of these new enterprises.”

John Montague, managing director of group operations at The Big Issue, said: “A lot of fantastic early-stage social ventures across Scotland struggle to access small to medium-sized loans, so we are so pleased, working in partnership with the Scottish Government, University of Edinburgh and Aberdeen Standard Investments and with legal support from Brodies LLP, to be able to support those organisations with the investment and business development expertise that they need in order to make an even greater difference within their communities.”